ILC ARTICLE

ILC Breakfast News – Wednesday, 21 February 2024


Industry leaders from across the insurance claims industry came together last week on ILC Day to show their support for childrens’ charity Rainbow Trust.

Some 33 companies committed their support to ILC’s Wall of Love on Valentine’s Day (14 February) – a symbol of the industry’s support and highlighting the logos of those organisations that have pledged to raise over £250 for the charity.

Keep an eye out for the full overview of the day’s events next week.

Home

Blockages and challenges to come under the spotlight at subsidence event

The major blockages that impact some subsidence claims and the challenges that creates in progress will come under the spotlight at ILC’s Home & Property Specialist Subsidence Conference.

The session will shine a light on four key subject areas: decision making; solutions; resource; and third parties.

Countdown on for Home Claims Networking Lunch

The countdown is underway for ILC’s Home & Property Claims Networking Lunch featuring special guests Judy Murray and Derek Redmond.

Taking place on 17 May 2024 at the Grand Connaught Rooms, London the event is headline sponsored by Corelogic and backed by ILC Home & Property Corporate Partners Allied Universal, Claims Consortium Group, Clearway, Corelogic, DAC Beachcroft, Geobear, ICAB, Innovation Group, Sedgwick and Verisk.

Controlling costs with supporting tech

Keeping pace with technology can be a strain on resources in the short-term, but applied correctly it can bring substantial cost benefits in the long-term.

However, to make new tech work for your business requires a practical approach.

That was the view of Manjit Rana, General Manager, Clearspeed, who was at ILC’s Home and Property Conference last November.

Fall in new work drives down output

The Construction Leadership Council has reported that quarterly construction output fell 1.3% in the last quarter of 2023 as a result of a decrease in new work, which fell five per cent compared to a four per cent increase in repair and maintenance.

Arch addresses rebuilding inflation

Arch Insurance’s latest Technical Talk addresses the factors that have driven up rebuilding costs to record highs and exacerbated the risks of underinsurance.

Government consults on new landlord law

The government has launched a consultation on a new law, Awaab’s Law, which will require landlords to investigate and repair health hazards such as damp and mould within designated timeframes.

CoreLogic announces Google AI collaboration

CoreLogic has announced an expansion of its strategic alliance with Google Cloud which will see them collaborate on AI innovations, leveraging Vertex AI, Google Cloud’s AI platform.

Motor

ABI awaits Supreme Court verdict

The Association of British Insurers is waiting on a verdict from the Supreme Court around appropriate levels of compensation following a road traffic accident with whiplash and mixed injury claims.

The court’s original decision was to compensate for whiplash injuries as well as non-whiplash injuries, and then make limited deductions for any overlaps, which the ABI appealed.

INSHUR expands NVBT partnership

INSHUR has announced that brokers on the Next Venture Technologies platform will now be able to access its on-demand insurance products following an enhanced partnership between the two companies.

AkzoNobel back on the F1 grid

As a long-standing partner of McLaren Racing, AkzoNobel is revving up for the start of the new F1 season. Among the innovations to the MCL38 this year is AkzoNobel’s Intertherm 50 high temperature coating solution, which will protect parts of the car from temperatures in excess of 1,000 Deg C.

Landmark ruling assessed

DAC Beachcroft has assessed the implications of the Supreme Court’s decision in the case of Lorna Armstead v Royal and Sun Alliance Insurance Company, whichlimits how much a hire company is entitled to recover for its loss of use. 

The CHO has welcomed the verdict, saying, “The ruling is a fair outcome for the recovery of reasonable losses resulting from a loss that, as with credit hire overall, contributes very little to the overall cost of insurance.”

Claims Essentials

New Generation in Claims Conference set for April

ILC’s New Generation in Claims Conference is set for April with experts from the world of human resource primed to take centre stage to discuss the ever-present puzzle of External Vs Internal focus.

Sponsored by Carpenters Group and Enterprise, the New Generation in Claims Conference 2024 takes place on 25 April 2024 at etc venues Manchester. It aims to support insurers and the wider claims community with their new generation strategies and building the future of talent via multiple channels.

More experts join ClaimsTech – The Pitch 2024 line-up

More leading names from across the insurtech space have joined ILC’s expert panel for this year’s ClaimsTech – The Pitch event.

Introduced last year, ILC’s ClaimsTech – The Pitch is once again supported by Insurtech UK, and provides the opportunity for a number of start-up/scale-up insurtechs to present their technologies exclusively to an audience of highly influential insurance experts and investors. 

This year’s event takes place on the morning of Wednesday 3 July in London and will be segmented by home and motor streams.

Allianz detects 10% increase in claims fraud

Allianz Commercial detected £77.4m worth of claims fraud in 2023, up from £70.7m in 2022.

Among the trends, it found that the 2022 decrease in ‘crash for cash’ cases was reversed in 2023 with a 25% increase in referrals.

FCA seeks evidence of change

The FCA has asked about 20 of the largest financial adviser firms if they have assessed their services since Consumer Duty and requested material evidence of any changes they have made as a result.

Consumer Duty Champions unveil GPT

Consumer Duty Champions has updated its services with GPT, which offers concise guidance on the FCA’s Consumer Duty regulation to non-executive directors at UK financial services businesses.

Ian Hughes, CEO, Consumer Intelligence, who was also a keynote speaker at ILC’s Risk and Compliance event last autumn, said, “Our GPT simplifies complex regulatory information into board-friendly language.”

Insurers facing FCA fines

Compliance expert Claire Carpenter has warned of imminent FCA fines for insurers who are not taking Consumer Duty regulations ‘seriously’.

She was speaking at a regulatory roundtable hosted by Insurance DataLab.

Fighting fraud with new tech

Carpenters Group Director Donna Scully has discussed the role new technology in the hands of skilled colleagues can play in helping to mitigate the risks of fraud.

MGA

Marsh continues digital rollout

Marsh has begun the next phase in the rollout of its digital trading initiative for risks placed in the London insurance market.  

Motor Fleet Insurance accelerates claims journey

Motor Fleet Insurance has signed a new partnership with Agile Claim App, delivering faster claims notifications and reduced claims costs to fleet operators.

Industry News

WTW develops catastrophic modelling collaboration

WTW has announced a new collaboration between its Research Network and the London Mathematical Laboratory to create mathematical models for catastrophic events.

This will help insurers manage risks and improve decision making.  

Scottish courts allow unknown future claims settlements

A decision by the Scottish Court of Session could set a precedent allowing employers to settle future claims even if the claims and their circumstances are unknown at the date the settlement agreement.

DAC Beachcroft has welcomed the outcome but warned ‘careful drafting’ will be critical if the contract is to be valid.

Admiral selects Google Cloud to enhance customer service

Admiral has selected Google Cloud to power its core insurance operations. It will also use Google Cloud technologies to develop new digital products and services.

People

Lloyd’s has appointed Claire Schrader as General Counsel.

Daniel Cracknell has joined CoreLogic as a Client Success Manager.

Jeff Manricks has joined Clearspeed as Director, Enterprise Sales (UK).

EVENTS

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Motor Claims News

ILC Breakfast News – Wednesday, 10 July 2024

ARC360 | Claims Essesntials | Claims Tech | Home | ILC News | MGA | Motor | New Generation

10-07-2024

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